Past year: ▼ 6%(5.80c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Nov 2014other● Neutral
Chairman's AGM address (truncated) reviews the year: Surprise oil start, the Magellan purchase, Gaudi cores and the 15PJ/year Incitec Pivot agreement. It says oil and share prices have disappointed, and that other farm-out opportunities are being pursued.
17 Nov 2014investor presentation● Neutral
Slides for the shareholder roadshow, 17-20 November 2014, titled 'Gas – Central to our Future'. Only the disclaimer is readable in the text provided, so no new information can be reported.
11 Nov 2014material agreement▲ GoodMajor
Central signed a non-binding heads of agreement to supply up to 15PJ a year of Northern Territory gas to Incitec Pivot, at a confidential starting price. It follows the earlier pipeline talks, but a binding gas sales agreement is still needed, with pipeline tariffs and funding undecided.
6 Nov 2014other● Neutral
Notice of open shareholder briefings with the MD in Sydney, Melbourne and Perth on 17-20 November 2014. Administrative; no new information.
5 Nov 2014drilling result▲ Good
Gaudi-1 reached total depth of 2,430m in basement, with gas shows through the Lower Arthur Creek Formation. 66 core segments were sent for gas analysis. The well will be logged, cased and suspended. This is an early, encouraging sign, not yet a flow result.
30 Oct 2014quarterly activities report● Neutral
September 2014 quarter: cash was $10.3M at both start and end despite a payout to the former MD; Surprise averaged 193 bopd. The Dingo pipeline licence was awarded and the Dingo development is debt-funded. Gaudi-1 cores are desorbing gas. Text is truncated.
28 Oct 2014investor presentation● Neutral
Interview with the MD (text truncated) repeats known themes: a target of about 200PJ of gas, Surprise at about 180 bopd, and Dingo gas expected around May 2015 to double gas output. Mostly restates earlier disclosures.
23 Oct 2014other● Neutral
Managing Director's letter to shareholders launches a trial new website and recaps 2014: the Magellan Palm Valley/Dingo purchase, Surprise oil production from March, and Gaudi-1 cores, all desorbing gas. It restates known facts and adds no new results.
22 Oct 2014price query▲ Good
Central responds to social media speculation, saying the chairman, MD, Rob Hubbard and Mike Herrington bought shares in the past two weeks, as did the CFO, GM Exploration and Company Secretary. It says no director or associate, including Magellan, has sold.
20 Oct 2014production update● Neutral
New crude transport deal with IOR Transport cuts Surprise West transport costs by over 20%. Production is stable at about 180 bopd, with the last two weeks averaging 175.6 bopd, below the 225-250 bopd reported in June.
20 Oct 2014drilling progress report▲ Good
Gaudi-1 coring has reached 2,157m in the Lower Arthur Creek Formation, with 8 cores taken, over 10% of the total expected. The company calls the cores releasing gas a positive early sign; desorption results will follow.
17 Oct 2014drilling progress report● Neutral
Gaudi-1 has finished cutting its first core after reaching 2,102m and running intermediate casing. Gas shows continue to be evaluated; core analysis will take about 6 months. No new result.
15 Oct 2014other▲ Good
Central welcomes the COAG support for a pipeline linking the Northern Territory and eastern gas markets. It has begun exploratory talks to supply 10-15PJ a year from late 2017 or early 2018, aiming for an announceable commitment by early December. These are discussions only, not contracts.
7 Oct 2014drilling progress report● Neutral
Gaudi-1 is drilling at 2,095m in 8½-inch hole, with gas shows encountered. Intermediate casing and coring through the Arthur Creek Formation come next. Core analysis will take about 6 months, and the company says no single result will make or break the well.
30 Sept 2014annual report● Neutral
Annual report for the year to 30 June 2014. The chairman's letter notes the Magellan Palm Valley/Dingo purchase, Surprise oil, the Santos Stage 2 election, Dingo first production expected by mid 2015, and a further $6m placement. Text is truncated, so financial figures are not reported.
24 Sept 2014capital raising announcement● NeutralMajor
Central placed 20 million shares at $0.30 to institutions in Australia and Hong Kong, raising $6 million, a 1.7% discount to the 10-day VWAP. DJ Carmichael was lead manager. Funds, with existing cash, are for gas exploration and running costs. Ends the trading suspension.
What it means for a shareholder
20.0m new shares at A$0.300 to raise about A$6.0m. That's 5.4% dilution: every existing holder's slice gets 5.4% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.000956% to 0.000904% of the company. To keep it you'd need 191 more shares - about A$57 at the issue price.
Create a free account to see this worked out for your own holding.
24 Sept 2014other● Neutral
ASX notice that the trading suspension will be lifted once the capital raising announcement is received. Administrative; the raising itself was announced the same day.
23 Sept 2014other● Neutral
Central's shares were suspended from quotation at the company's request, pending an announcement. No reason is given in the notice itself.
15 Sept 2014drilling spud● NeutralMajor
Gaudi-1, the second well in the Southern Georgina unconventional gas program with Total, spudded 14 September 2014. Planned to reach about 2,900m, with the Lower Arthur Creek Formation fully cored. Follows Whiteley-1, which was suspended pending a liner.
11 Sept 2014investor presentation● Neutral
'Central Targets Pipeline' presentation for 11-18 September 2014. The text provided shows only the disclaimer; no new information can be reported.
9 Sept 2014investor presentation● Neutral
'Central Poised for Growth, Future in the Pipeline' presentation at the RIU Good Oil Conference, Perth, 9 September 2014. The text provided shows only the disclaimer; no new information can be reported.
9 Sept 2014well test result● NeutralMajor
Mt Kitty-1 logging is complete and the well is being plugged and suspended. Cores show the Heavitree Quartzite is absent and earlier gas flows came from fractured granite basement. A sidetrack may be drilled later. Gaudi-1 spud is expected within a week; Dingo pipeline construction has begun.
5 Sept 2014other▼ BadMajor
Court found John Heugh was unfairly dismissed by the board in early 2012, awarding him $1,598,298 including interest, though it also found he seriously breached his contract. Central will consider an appeal with its insurers. Largely resolves the Heugh litigation thread, with a cost to the company.
3 Sept 2014investor presentation● Neutral
'Central Poised for Growth, Future in the Pipeline' presentation at the RIU Good Oil Conference, Perth, 9 September 2014. The text provided shows only the disclaimer; no new information can be reported.
1 Sept 2014drilling progress report▼ BadMajor
Rig moves to Gaudi-1 to spud mid-September, to finish both wells before the wet season; Whiteley-1 is suspended pending a liner for hole problems. Santos will not proceed to Stage 2 of NW Mereenie. Mt Kitty logging begins 2 September.
27 Aug 2014joint venture update● Neutral
Santos, operator of EP 125, will re-enter Mt Kitty 1 to finish logging and then plug and suspend it for future use. A resource and economics study follows, and at least 200km of the 1,300km Stage 2 seismic will be in EP125. Resumes the thread stalled since the April rig incident.
27 Aug 2014director officer appointment● Neutral
Joseph Morfea, formerly Magellan Petroleum Australia's CFO and now Commercial Manager, is appointed Joint Company Secretary from 27 August 2014, replacing Bruce Elsholz ahead of his retirement. Completes the handover announced on 14 August.
19 Aug 2014drilling progress report▼ Bad
Whiteley-1 has 7-inch casing set at 988m and is at 1,141m. Fluid losses in the open hole were met, and a plug has been set while it cures before drilling resumes. A minor setback with no result yet.
18 Aug 2014investor presentation● Neutral
'It's a Gas, Gas, Gas' presentation for a South East Asia offshore and onshore conference, 19-21 August 2014. The text provided shows only the disclaimer; no new information can be reported.
14 Aug 2014director officer appointment● Neutral
CFO and Company Secretary Bruce Elsholz will retire 30 November 2014. Chief Commercial Officer Leon Devaney, who negotiated the Palm Valley/Dingo acquisition and the Macquarie facility, becomes CFO from 1 November. Joseph Morfea to become Joint Company Secretary.
